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Guide Me Home… Let Your Dreams Stay 'In the Know'

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Guide Me Home… Let Your Dreams Stay 'In the Know' GUIDE ME HOME… LET YOUR DREAMS STAY 'IN THE KNOW' This home buying guide is a MAHINDRA LIFESPACES INITIATIVE to facilitate prospective home buyers like ‘you’, to enjoy the ownership process with delight. We believe it to be our privilege to keep you well-informed during your eventful home buying journey, with all the possible insights, solutions, State laws as well as general information that you should be thoroughly aware of. Simply put, you can rely on this book as a friendly guide to a lot of your home buying queries. A special section of this guide has also been dedicated to the MAHINDRA LIFESPACES EXPERIENCE that will help you benchmark service levels, offerings and much more, allowing you to be prepared and gather the confidence in moving your way. HAPPY HOME BUYING! INDIA’S REAL ESTATE STORY The real estate sector in India has witnessed phenomenal changes in recent times, including grabbing the attention of global audiences. BEHIND THE SCENE: The strong expansion of this sector is likely supported by high economic growth, FDI norms, regulatory and taxation reforms, rising disposable incomes and urbanization. Its growth has brought along several visible transformations in the sector. The major ones being: • Increased Scale • Introduction of Corporate • Advancement in Technology • Newer Funding Sources (Private Equity, Non-Banking Financial Companies, etc.) • New Product Offerings This transformation has also resulted in the emergence of new challenges across the entire value chain of the Indian real estate development: Land 1 Acquisition Detailed Project Report 2 Clearances 3 & Approvals Project Scheduling & Budgeting 4 Procurement 5 & Contracting Sales & Marketing 6 Execution 7 & Monitoring Handover & Facilities Management 8 This is why the development of the entire project takes about 3 to 6 years depending upon the size, scale, location and type of development. GETTING STARTED UNDER CONSTRUCTION PROPERTY: History of the builder, possession timelines, quality of construction, provision of the amenities promised, must be clarified. The builder must furnish all the relevant papers and permissions in order to ascertain the genuineness of the project. Documents include: • Approved plans of the building along with the number of approved floors. • Land title clearance certificate - Whether builder is the owner of land or he has undertaken an agreement with a landlord. If so, the title report should state it is free and clear. • Applicable development rules in the city, state to identify limitations on front / side setbacks, height, etc. • Specific loans / charges on the land or development from specific banks to identify the builders’ liability. • Consistency of specifications, configurations in the agreement draft as promised in the brochure. • Complete break up of all charges apart from the basic selling price which will include floor rise, premium location charges, infrastructure charges, maintenance charges, clubhouse charges and all costs and charges to be paid at the time of possession. • Clarity on Society / Condominium formation, Defect Liability Period with details on conveyance. LET'S MAKE SURE IT FITS BUDGETING PROCESS: While you determine a budget for the purchase of a property, it’s not just the value of the property that has to be considered. There are several other expenses that must be accounted for. Budget Items: • Residence value, as stated and payable only to builder (also called agreement value, consideration value). • Stamp duty. • Registration fees. • Government taxes/levies (Service Tax, VAT, any other). • Legal fees. • Bank loan processing fees (if opting for bank loan). • Brokerage fees (if bought through a real estate agent). • Society transfer charges (in buildings with societies). • Advances taken by builder for maintenance, taxes, electricity / water / essential services. • Corpus fund. It is also a good idea to include estimates for – • Cost of furnishing the property post-handover. • Cost of renovation / improving the property post-handover. • Monthly maintenance fees to the society. • Future house tax / property tax payments. For every residence, you must account for atleast 12% - 15% additional payout. ` 50 lakhs 12% to15% ` 56 to 58 lakhs Home + Extra = Budget THE CHECKLIST KEY DOCUMENTS & STAGES: Application Form: The application form is the first document that you as a buyer, will sign while booking a residence. It includes your personal details as well as the terms and conditions of the developer. You are advised to go through the terms in detail, to understand them. Allotment / Reservation Letter: This is the first formal proof of buying your new home. An allotment letter or reservation letter is issued to you, upon completion of approximately 10% - 15% payment to the developer. As the name suggests, this is ideally a pre-agreement / registration, formal legal allotment or reservation of the unit in your name. It contains details regarding the agreed price, payment and construction schedule, house plans, delivery date and all other important terms and conditions. Agreement to Sell or Lease (to be registered as mandated by law) This most important document will contain detailed terms and conditions of the transaction, along with other following vital information: • Description / location of the residence / unit. • The purchase price for the property, along with all other charges applicable towards the development and maintenance of the unit. • The amount of deposit payable by you, along with the payment schedule. • Possession date of the residence, along with necessary compensation on delay. • Post handover formality including maintenance liability and other livability guidelines that need to be adhered to. • All terms and conditions pertaining to responsibilities / liabilities of both parties. • Arbitration clause specifying the court which would have jurisdiction in case of a dispute. The agreement must be attested by the signatures of at least two witnesses and must be registered by the seller’s lawyers at the appropriate time as mandated by law in that specific city, state. ENSURE A SMOOTH HANDOVER Moving into a new house is a great feeling, especially when you have to wait for a long while to finally relive the dream of owning a house. When you are about to take possession of a new apartment from the builder, make sure to: • Check all aspects of the offering as committed at the outset and agree on any specific feedback address or redress in line with the defect liability period cover. • Include a grace period, generally six months as allowable by law within the city, state. • Include provision for the takeover of the residence with certain personal buffers as well. • When executing the agreement, you must identify Defect Liability* duration and inclusions. *Defect Liability period is a duration that allows the buyer a protective window against any manufacturing defects ranging from one to three years from possession (varies in every city, state). FAQs Knowing fully well what a HOME SEEKER like you has to go through, we have a fairly full-measured idea of the confusions, contradictions and complications that can confront you. Tricky questions in search of simple answers. Pre-empting some of them, here's what we have detailed for you. What is Carpet Area, Built-up Area & Super Built-up Area? • Carpet Area: This is the area of the apartment / building which do not include the area covered by the walls. • Built up Area: The carpet area plus the area of the walls. • Super Built up Area: This includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc. Does the agreement for sale have to be registered? The agreement for sale between the builder and you has to be registered as required by the law of the land. You must register within four months from the date of execution of the Agreement at the office of the Sub-Registrar appointed by the State Government, under the relevant Registration Act. Under whose name do I purchase the stamp paper and who pays the stamp duty while buying / selling? The stamp paper is generally purchased in the name of the executor to the agreement. Generally, the buyer i.e. you will pay the stamp duty unless agreed otherwise. What are the timelines I should expect to get receipts, allotment letters, agreement, etc done? Typically, post booking, the initial receipt and allotment letter is shared within 7-10 days provided all customer coordinates are correct and the contact is established correctly. In case of any specific delays, Sales and Relationship Management team/s will connect with you and clarify details/doubts to resolve concerns amicably. While the organization strives to execute actions first time right, given the manual interface at the outset, there can be small input errors which are corrected immediately. Does the property have to be insured? You will have to ensure that the property is duly and properly insured for fire and other appropriate hazards, as required by banks/financial institutions with whom you may wish to mortgage the property, during the pendency of loan. In such cases, the beneficiary of the policy will be the concerned institution offering the loan. Even otherwise, it is advisable to insure your property for hazards and fire. What is the loan amount which can be sanctioned? • Banks / financial institutions sanction loan amounts based on certain criteria depending upon your repayment capacity (which takes into account your age, qualifications, assets, liabilities, stability of occupation, savings history) and according to your income. • You can include income of other members in your family too, in case you want to increase the amount of your loan. • The maximum loan that can be sanctioned varies with housing finance companies. Generally, the maximum loan amount is 80 to 85% of the cost of of your home. What is meant by an EMI (Equated Monthly Instalment)? An EMI is the monthly amount to be repaid to the bank or financial institution against a loan amount borrowed for a fixed period of time.
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